U.S. Senator to Propose New Crypto Bill Next Year ⚖

ROI Overload Business, Tech & Finance Newsletter

  
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U.S. Senator to Propose New Crypto Bill Next Year ⚖

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U.S. Senator Cynthia Lummis, who is one of the pro-crypto supporters in Congress, is planning to introduce a comprehensive cryptocurrency bill in 2022 that would define how to classify and tax different crypto assets.

Lummis is a big supporter of bitcoin and is known to propagate its benefits. She has also voiced her support for the technology and has also drawn a dividing line between bitcoin and other cryptocurrencies.

“Welcome bipartisan cosponsors! Please encourage your senator to reach out and consider it,” said Lummis in a Twitter post, quoting Bitcoin Magazine’s tweet making the announcement.

If enacted, the proposed bill will provide clear guidance to regulators on which digital assets belong to different asset classes. 

In addition, the bill would also offer protection to consumers, regulate stablecoins, and create a new organization under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission to oversee the crypto market.

Any legislation proposed in the Senate would likely need the support of at least 60 lawmakers, and only time will tell if the proposed bill gets approved.

Fintech Company Skio Raises $3.7 Million in Its Seed Round 💰

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Fintech and infrastructure company Skio has raised $3.7 million in its seed funding round to help brands sell subscriptions.

The funding round was led by Adjacent and also saw participation from several angel investors including, MuteSix’s Daniel Rutberg and Moody Nashawaty, Shaan Puri, Italic CEO Jeremy Cai, Tilt co-founder and Magic Mind founder James Beshara, Julian Shapiro, and Sahil Bloom. 

In addition, founders and executives of companies such as Immi, Thingtesting, Taika, Smile.io, Literati, Linjer, Raycon, Cresicor, Carted, Orchard Analytics, and Cohere also participated in the funding round. 

Founded in 2021 by Kennan Davison, Skio helps brands on Shopify sell subscriptions hassle-free. The U.S.-based startup helps Shopify brands sell subscriptions by managing and scheduling payments. 

In addition, the company helps brands build a customer portal to manage subscriptions, SMS subscription management, among other things.

Skio, which currently has only five employees, is planning to use the fresh funds towards product development and to hire software engineers.

Google Search For NFT’s Surpasses Crypto ⬆️

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Throughout 2021, Non-fungible tokens (NFTs) have created quite a craze as they have become one of the most desired digital items that consumers want to own. 

Moreover, for the first time in global searches, the term ‘NFT” has appeared to have surpassed “crypto” according to Google Trends.

Though the crypto market has witnessed a fall in transaction volumes over the recent weeks, the sale for NFTs has seen an increase on marketplaces like OpenSea, among others.

The huge surge in demand for NFTs is clear in almost all aspects of society as several mainstream companies are considering an entry into metaverse platforms. 

Companies like Adidas and Nike have made their foray into the metaverse NFT by selling NFTs recently. 

Moreover, celebrities like Mila Kunis, Snoop Dogg, Steve Aoki, among others, are promoting their own NFT collections. 

NFTs have also made it possible for global artists to broadcast their talent without the need for physical exposure. 

In addition, NFT games like Axi Infinity and Sorare are exploring possible ways for players to learn about NFTs and crypto.

Delivery Startup Veho Raises $125 Million in Series A 💰

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Next-day package delivery service company Veho has raised $125 million in its Series A funding round at a $1 billion valuation.

The funding was led by General Catalyst and also included participation from Construct Capital led by Rachel Holt, Fontinalis Partners, Bling Capital, Industry Ventures, and Origin Ventures.

Founded in 2016, Veho is a U.S-based company providing end-to-end parcel delivery carriers for e-commerce companies. 

The startup was founded with a mission to revolutionize the package delivery industry by offering companies fast and tech-forward delivery solutions that guarantee customer satisfaction.

The company’s technology is powered by a sophisticated and dynamic marketplace that effortlessly matches the demand for package delivery with qualified driver-partners to ensure each package is delivered on time and correctly.

Veho will use the fresh funds to grow its team and to expand its presence from 14 to 50 U.S. markets by the end of 2022. 

In addition, it will also look to improve and deepen the consumer experience through technology advancement. 

Around the Web 🌐

South Korean Chipmaker SK Hynix Receives Merger Approval: China’s State Administration for Market Regulation (SAMR) gave green light to SK Hynix for its acquisition of Intel’s NAND & SSD business. The acquisition is worth $9 billion.

Consumer Prices in Japan Rise at Fastest Pace in Nearly 2 Years: Due to increasing global commodity prices, the Japanese consumer inflation in November recorded the biggest Year-on-Year gain. A 0.5% growth was observed in the consumer price index (CPI), which excludes fresh food prices, but includes oil prices, compared to November 2020. 


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